First State Community Loan Fund was part of the groundbreaking ceremony for a warehouse expansion by Greenwood-based natural pet food manufacturer Beaverdam.
The 9,000-square-foot warehouse project funded by the first-ever issuance of a 504 Loan by First State. The project has a 100-day construction schedule.
Beaverdam’s 504 Program loan included financing through the Small Business Administration, First State and WSFS Bank.
Beaverdam Pet Foods will use the proceeds of its 504 Program loan to purchase a property, hire two additional full-time staff members and build a new warehouse that is scheduled to be completed in just 100 days.
Truman Schrock launched Beaverdam Pet Food in 2003 with a focus on keeping costs down and quality high. Its products are sold in selected stores and online.
First State Community Loan Fund founded in 1992, provides loans and business advice to community-based organizations and entrepreneurs in low-income communities throughout Delaware and southeastern Pennsylvania.
Since its inception, First State CLF has pumped over $28 million into local economies, supporting more than 1,100 businesses are organizations. More information about loan programs can be found at www.firststateloan.org.